House Republicans Preparing Backup Plan For Debt Ceiling | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

House Republicans Preparing Backup Plan For Debt Ceiling

Congress has until May 19 to make a decision on raising the debt ceiling.
http://www.flickr.com/photos/nostri-imago/3063022330/
Congress has until May 19 to make a decision on raising the debt ceiling.

House Republicans are preparing a backup plan in case Congress doesn't raise the debt ceiling — an outcome that could make borrowing more expensive. Congress suspended the requirement to raise the debt ceiling earlier this year. The suspension expires May 19.

The Treasury Department has some breathing room, but lawmakers on Capitol Hill aren't moving any closer to a deal, which has House Republicans pushing forward a bill that would order the administration to pay off its bondholders while also issuing new debt.

Virginia Republican Rob Wittman says its good to have a plan B. "I do think it's a contingency in case we don't get there," says Wittman. "I want us to get there though."

But Rep. John Delaney, D-Md. says it's a terrible contingency. He says there shouldn't even be a debate over raising the debt ceiling. But if the U.S. does default, Delaney says prioritizing payments would send a signal to the world that the U.S. weak.

"You wouldn't talk about prioritizing someone's debts unless you were worried about some of the debts not being paid, so I think it's incredibly dangerous, and it's incredibly naïve."

The last time Congress wrangled over the debt ceiling, the U.S. lost its Triple-A credit rating. Maryland and Virginia could also be downgraded if Congress gets into another protracted budget battle.

WAMU 88.5

Second Annual Funk Parade To Take Over U Street

This weekend you can get funky on U Street with live music, a street festival and a parade, as tomorrow marks the second Funk Parade. Funk Parade organizers couldn't get a permit to march down U Street last year, but the crowd veered off V Street anyway to where co-founder Justin Rood always...
NPR

How Dangerous Is Powdered Alcohol?

Last month, the U.S. Alcohol and Tobacco Tax and Trade Bureau approved a powdered alcohol product, making both parents and lawmakers nervous. Some states have already banned powdered alcohol. NPR's Arun Rath speaks with Brent Roth of Wired, who made his own powdered concoction and put it to the test.
NPR

Obama Administration Forced To Defend Strategy Against ISIS In Iraq

On this Memorial Day, the Obama administration finds itself defending its foreign policy strategy in Iraq where the self-proclaimed Islamic State, also known as ISIS, has captured the city of Ramadi.
NPR

For Aspiring Artists, Social Media Can Get Fans Too Close For Comfort

The power of social media is that aspiring artists can essentially invite fans into their living rooms, but fans can sometimes overstay their welcome.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.